Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs

Brian A. Marts and Fayez A. Elayan

Real Estate Economics, 1990, vol. 18, issue 1, 22-39

Abstract: REITs offer the opportunity to examine the relationship between capital structure and cost of capital in the absence of corporate earnings taxes. The evidence supports the leverage clientele effect as the motivation for the use of financial leverage by REITs.

Date: 1990
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